SEACON (02409.HK): US$133.6m disposal; 70% paid in buyer shares
NewTimeSpace News: On 1 October 2026, Seacon Shipping Group Holdings Limited (stock code: 02409) announced that the Company and Seacon Shipping, an indirect wholly-owned subsidiary, entered into an agreement with the Purchaser, Cetus Maritime Holdings Limited, to dispose of 100% equity interest in the Seacon Subsidiaries which hold interests in Vessel Group One, and to procure their respective subsidiaries (as owner) to enter into time charter arrangements with the Purchaser (or its designated subsidiaries, as charterer) for Vessel K, Vessel L and Vessel M on or before Completion, at a total consideration of US$133,611,758.
The announcement disclosed that 30% of the consideration, or US$40,083,527, will be paid in cash, while the remaining 70%, or US$93,528,230, will be satisfied through consideration shares, being 37,341,289 new ordinary shares to be allotted and issued by the Purchaser to the Company in connection with the Purchaser's proposed listing on Euronext Growth Oslo, representing approximately 22.24% of the Purchaser's enlarged issued share capital. The Purchaser is 77.56% owned by Pacific Transportation Asia LLC, which is in turn 95.8% owned by Bell Atlantic Master Trust, a corporate pension trust for qualifying employees of Verizon Communications Inc. with Bank of New York Mellon as trustee; the Directors confirmed the Purchaser and its ultimate beneficial owners are independent third parties. Completion is conditional upon, among other things, the Purchaser obtaining approval from the Oslo Stock Exchange for its proposed listing and the admission of its shares to trading on Euronext Growth Oslo.
The announcement stated that, as the highest applicable percentage ratio exceeds 25% but is less than 75%, the Disposal and the acquisition of the Consideration Shares each constitute a major transaction. The Company has obtained irrevocable and unconditional written approval from the Closely Allied Group, which together holds 288,750,000 shares, or 57.75% of the issued share capital, so the shareholders' approval requirement has been satisfied under Rule 14.44 in lieu of a general meeting; a circular containing further details will be despatched on or before 23 October 2026. The Company expects to record a gain on the Disposal of approximately US$70 million, net of tax and expenses, to be recognised in stages between 2026 and 2028, with the net proceeds to be used to fund potential vessel acquisitions and as general working capital.
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